The Yomiuri Shimbun
Greek reform plan hinges on providing effective, specific policies
ギリシャ改革案 実効性のある具体策が肝心だ

Will Greece make sincere efforts toward fiscal reconstruction?
ギリシャは財政再建に誠実に取り組むのか。

Concrete policies need to be properly determined for achieving this objective.
具体策をしっかり見極める必要がある。
 
The European Union has approved a structural reform plan submitted by Greece as a condition for the extension of financial aid to that nation.
欧州連合(EU)は、金融支援延長の条件としてギリシャが提出した構造改革案を了承した。

This aid program was due to expire at the end of February. The EU member nations will now move ahead with domestic procedures necessary to ensure the four-month extension can be ratified.
EU各国は、今月末で期限切れとなる支援策を、4か月延長するための国内手続きを進める。

The Greek reform plan promised to boost tax revenue by stiffening steps to prevent tax evasion and to push ahead with fiscal reconstruction by cutting wasteful government expenditure.
ギリシャの改革案は、脱税対策の強化による税収増や、無駄な歳出の削減によって、財政再建を進めることを約束した。

A statement issued by the EU positively welcomed the Greek plan, saying the list of measures was “sufficiently comprehensive.” However, the vital content of the plan still lacks many details.
EUは声明で「十分に包括的だ」と前向きに評価したが、肝心の中身は踏み込み不足である。

The International Monetary Fund, which along with the EU has extended assistance to Greece, was quite right to criticize the plan as being “not very specific.”
EUとともにギリシャ支援を担う国際通貨基金(IMF)などが、「具体性に乏しい」と批判しているのはもっともだ。

The Greek government’s cash flow is already in a very tenuous situation.
ギリシャ政府の資金繰りは、既に綱渡り状態とされる。

Due to concern that the nation could be facing financial collapse, financial uncertainty has increased in Greece, where deposit outflows from banks have surged.
ギリシャでは、財政破綻への懸念を背景に金融不安が高まり、銀行預金を引き出す動きも強まっている。

The administration of Prime Minister Alexis Tsipras, which gained public support based on its “anti-austerity” campaign pledges, presumably had little choice but to reach some sort of deal with the EU so it could avert the looming crisis.
「反緊縮」を公約し、国民の支持を得たチプラス政権としても、差し迫った危機を回避するため、EU側と一定の妥協を図らざるを得なかったのだろう。

Barometer for eurozone

If Greece is unable to conclude an agreement with the EU by the end of April after submitting a more detailed reform plan, the extension of support will be back to square one. At this point, there is no telling how the negotiations will pan out.
ギリシャが今後、より詳細な改革案を提出し、4月末までにEU側の合意を取り付けないと、支援延長は白紙に戻る。交渉の先行きは、予断を許さない。

Even this latest reform plan has provoked howls of protest from within the Greek ruling party, which has trumpeted an anti-austerity stance.
今回の改革案でさえ、反緊縮を掲げるギリシャの与党内から反発の声が出ている。

The austerity policies implemented so far have already produced side effects including a sluggish economy and an unemployment rate of more than 25 percent. There is mounting discontent among the public.
これまでの緊縮策の副作用で、失業率が25%を超えるなど経済の低迷が続き、国民の不満も強まっている。

As Greece sets its sights on a deal with the EU, it will not be easy to calibrate the views of the ruling coalition parties about continuing fiscal austerity, nor to convince Greek citizens to go along with these steps.
EU側との合意に向けて、緊縮財政の継続について連立与党の意見をまとめ、国民を説得するのは容易ではあるまい。

However, if the talks break down and Athens finds itself in a situation where it defaults, the Greek economy would suffer a devastating blow. The price would ultimately be paid by the citizens of Greece.
しかし、交渉が決裂し、債務不履行(デフォルト)などの事態となれば、ギリシャ経済は壊滅的な打撃を受ける。ツケを払わされるのは、ギリシャの国民である。

The Tsipras administration must quickly settle on a structural reform plan that will be effective.
チプラス政権は、実効性のある構造改革案を、早急に策定しなければならない。

Under the euro system, each member nation manages its own finances while they all share a common currency.
ユーロ体制は、共通通貨のもと、各国が独自に財政を運営している。

There is a structural flaw in that policies are not always aligned due to differences in the national strength and economic conditions among the group members. To offset this, strict fiscal discipline is imposed.
国力や経済情勢によって政策の足並みが乱れる構造的な弱点があり、これを補うため加盟国に厳しい財政規律を課している。

If a “straggler” emerges due to discord over fiscal management, the momentum of European unity could be weakened, irrespective of the size of that nation’s economy.
その国の経済規模の大小にかかわらず、財政運営を巡る不協和音で「落後者」を出せば、欧州統合の推進力は弱まりかねない。

Whether or not the EU can clear the Greek problem will be a litmus test that could foresee the outcome of the euro system.
ギリシャ問題を乗り切れるかどうかは、ユーロ体制の行方を占う試金石である。

(From The Yomiuri Shimbun, Feb. 26, 2015)

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